Greenlake Capital, LLC v. Bingo Investments, LLC

GreenLake Capital, LLC (GreenLake) appeals from the judgment entered after the trial court granted summary judgment in favor of Bingo Investments, LLC and Centurion Financial Group, LLC (collectively Bingo) in this action brought by GreenLake to recover its fee for identifying and procuring a $150 million credit facility in favor of Bingo. Bingo contends GreenLake forfeited its right to recover the agreed-upon $3 million fee because it did not hold a California real estate broker’s license. (See Bus. & Prof. Code, § 10131.) We reverse.

FACTUAL AND PROCEDURAL BACKGROUND

In November 2006 Bingo retained GreenLake to assist in identifying and raising financing to support its business activities. According to the letter agreement between the parties, Bingo intended to create a separate affiliated investment entity with an initial debt capitalization of $150 million and was seeking financing sources to provide capital to “its new or existing entities.” GreenLake was hired to “act as [Bingo’s] advisor” in raising the financing, which was authorized to consist of, but not limited to, “cash, equity, quasi-equity, mezzanine financing, revolving line of credit, term loan, general…